UM to Buy Land at 417 S. Division

At their July 21, 2011 meeting, the University of Michigan board of regents approved the $698,364 purchase of an 0.09-acre of land at 417 S. Division, next to the UM Institute for Social Research. A tentative closing date is set for Aug. 3 – existing leases in the 3,152-square-foot apartment building located on that lot expire in August, according to a staff memo.

A $23 million expansion of ISR’s building on Thompson Street had been approved by the board in April – they signed off on the project’s schematic design in July. At their November 2010 meeting, regents approved two other land purchases on South Division related to the ISR project: $919,425 for 439 S. Division St., which included a 3,210-square-foot apartment building; and $805,575 for property at 443 S. Division, where a 6,048-square-foot apartment building is located. The regents most recently got a report on ISR’s activities at their September 2010 meeting, when director James Jackson gave an overview of ISR’s work.

This brief was filed from the boardroom of the Fleming administration building, on UM’s Ann Arbor campus. A more detailed report will follow: [link]